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BEIJING (Scrap Monster): China has added more glimmer to its dignified gold aspirations by inviting foreign banks and gold producers to take part in a global gold exchange in Shanghai that could challenge the dominance of New York and London in precious metal trade and pricing.
"China wants to have more voice in gold prices," said Mr. Jiang Shu, an analyst with Industrial Bank, one of 12 banks allowed importing gold into China. "The international exchange is the first step towards gaining a say in gold pricing."
According to the media report, China's central bank last week gave the Shanghai Gold Exchange (SGE) has approached Australia and New Zealand Banking Group, HSBC, Standard Bank, Standard Chartered and Bank of Nova Scotia.
"If you don't allow foreign players to participate in your market actively, or do not push Chinese financial institutions to participate in the international market, then China's strong gold demand is only a number, not a power," Shu added.
Last year China overcame India as the world's top gold importer and gold jewelry and investment demand, rising to a record 1,065.8 tons.
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